Middle East Healthcare Co. (Saudi German Health) reported a 46% increase in H1 2022 net profit after Zakat and tax to SAR 31 million, compared to SAR 21.2 million in the year-ago period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 874.94 | 1,021.41 | 16.7 % |
| Gross Income | 275.80 | 323.79 | 17.4 % |
| Operating Income | 20.08 | 57.05 | 184.1 % |
| Net Income | 21.24 | 30.92 | 45.6 % |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.23 | 0.34 | 45.6 % |
The profit growth was driven by an increase in revenue as the healthcare services provider revised prices with key clients, due to changes in the pricing and case mix.
In Q2 2022, net profit after Zakat and tax climbed 14.1% to SAR 10.4 million, from SAR 9.14 million in the corresponding period of 2021. Last year, there was a decrease in the volume of business with one of the key clients, which was later restored. Dammam Hospital’s business is also ramping up amid a change in the pricing and case mix.
On a quarterly basis, the second-quarter net profit fell by 49.1% from SAR 20.49 million on a drop in doing business during the holy month of Ramadan and the holiday season. This is besides the initial operating cost of two new healthcare facilities: Hay Al Jamea Hospital in Jeddah and Abha Clinics in Asir. Selling and marketing expenses also rose quarter-on-quarter (QoQ.)
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 456.57 | 508.09 | 11.3 % |
| Gross Income | 152.64 | 158.77 | 4.0 % |
| Operating Income | 20.12 | 21.77 | 8.2 % |
| Net Income | 9.14 | 10.43 | 14.1 % |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.10 | 0.11 | 14.1 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 513.32 | 508.09 | (1.0 %) |
| Gross Income | 165.02 | 158.77 | (3.8 %) |
| Operating Income | 35.28 | 21.77 | (38.3 %) |
| Net Income | 20.49 | 10.43 | (49.1 %) |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.22 | 0.11 | (49.1 %) |
Shareholders’ equity, after minority interest, rose to SAR 1.281 billion as of June 30, 2022, from SAR 1.252 billion a year earlier.
During the same period, Saudi German Health’s share in Hail National Healthcare Co. jumped from 47% to 53.89% through increased investment in the company's business.
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